Why did Bush persist in pushing Fannie/Freddie to give loans to low-income/unqualified borrowers?

Deal Score0

2004 GOP Controlled Congress. 2004 GOP POTUS. 2004 GOP had total control.

NEW YORK (CNN/Money) – Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

The National Association of Home Builders, along with the National Association of Realtors and the Mortgage Bankers Association, are drafting a letter to Alphonso Jackson, secretary of the Department of Housing and Urban Development (HUD), arguing that middle-income home buyers are the ones that will get hurt by the proposed plan, the NAHB told CNN/Money.

http://money.cnn.com/2004/06/17/real_estate/lowcost_housing/index.htm
It was the build-up that finally exploded in 2007 to cause the global financial collapse.
Add the Bush out-of-control spending, $ 5.5 Trillion, 2 Wars, Medicare D…BOOM!!!
As the GOP always keeps saying, the DEMs were not in control of Congress so the DEMs couldn’t do anything to stop it.

9 Comments
  1. Reply
    bushliedhisazzoff
    May 15, 2011 at 2:27 am

    To bankrupt the country but it happened a little too soon. Im sure they wanted to put it in the Dem’s lap.

  2. Reply
    yeung
    May 15, 2011 at 2:31 am

    You have to understand the nature of capitalism. It devours itself (and then the government and the tax payer are expected to rescue the corporations).

  3. Reply
    John H..
    May 15, 2011 at 2:50 am

    He didn’t. Bush and McCain both said it would ruin the economy, but Frank and the Dems. didn’t listen. They were influenced by the Congressional Black Caucus to keep giving toxic loans.

  4. Reply
    beach heaven
    May 15, 2011 at 3:04 am

    The Community Reinvestment Act, was started during Carter’s Administration. During Clinton’s Administration it was really pushed. Your information is a little askew. However considering where it comes from that’s not surprising.

  5. Reply
    Me
    May 15, 2011 at 3:51 am

    Freddie Mac was established in 1970. The entire government has had 39 years to get it right and it is broke.

    Fannie Mae was established in 1938. The government has had 71 years to get it right and it is broke.

    hmmm……

  6. Reply
    Oh No you dont !!!
    May 15, 2011 at 4:39 am
  7. Reply
    V2
    May 15, 2011 at 4:50 am

    G. Bush, like most president are, serviced big business interests. Giving loans to those who do not qualify that selling shady derivatives allowed financial companies and their CEOs make billions fast.
    Do you need any other reason?

  8. Reply
    ZonieGirl
    May 15, 2011 at 5:01 am

    That’s funny because Wikipeda’s history of Freddie and Fannie says otherwise. It shows that in 1999 Fannie and Freddie came under pressure from the Clinton administration to lend to low income families and that is when they started giving out sub prime mortgages. This was encouraged by Barney Frank due to his cozy relationship with Fannie Mae head Herb Moses. In 2003 Bush tried to overhaul the ailing system but was unable to get it enacted into law.

    Dang, you libs are still out there digging for stuff on Bush. It’s been almost 2 years now. Move on.

  9. Reply
    u_wish_i_would_talk_2_u
    May 15, 2011 at 5:17 am

    Twist it. The democrats are crooks! Had nothing to do with Bush. You have to lie about everything to not take responsibility for the CROOKS you are.

    Leave a reply

    Register New Account
    Reset Password